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Financial Objects teams up with Surecomp for Trade Finance capabilities

London – November 17, 2003 – Financial Objects, a major supplier of advanced technology banking software, and Surecomp, a leading provider of wholesale banking solutions, today announced a joint marketing agreement. Under the deal, Financial Objects will license and install two Surecomp trade finance solutions – IBSnet and NetIMEX – as part of its award-winning activebank system.
activebank’s new trade finance module will incorporate all the tools necessary for processing trade finance transactions, including import, export and standby letters of credit, collections, payments, guarantees, steamship indemnities, air releases and all methods of financing. Like existing activebank modules, the trade finance solution is built on flexible, component-based technology, enabling rapid enhancement and modification.

The application also provides customers with remote access to all trade finance operations. Users can initiate trade finance transactions, receive information from the bank, provide instructions for existing transactions and conduct a wide range of online enquiries from anywhere in the world. With its advanced Graphical User Interface, it offers bank staff and their corporate clients a simple, user-friendly point of access to in-depth trade finance information.

Commenting on the agreement, Paul M. Thomas, Surecomp’s Global Sales Director remarked: "We are delighted that Financial Objects has selected our trade finance solutions to expand its activebank offering. As well as being impressed with activebank’s flexibility, user-friendliness and forward-thinking technology, we were also struck by Financial Objects’ clear commitment to ongoing product enhancement. This is a great opportunity to become involved with a market leading core banking product, and to extend the benefits of our trade finance solutions to a new customer base."

David Carruthers, Director, Financial Objects, says: "Without the right system, trade finance processing can be costly and labor intensive. To ensure optimum cost and operational efficiency, financial institutions need a powerful, functionally rich solution that enabled straight-through processing throughout the trade finance lifecycle. Extensive research convinced us that joining forces with Surecomp was the best way to deliver these benefits to our clients. Like Financial Objects, Surecomp is dedicated to creating scalable, component-based solutions that can keep pace with the evolving requirements of the financial services industry, making its trade finance software the perfect choice to complement our existing activebank modules."